genebautista2014

GBP/USD (28th of August 2017)

OANDA:GBPUSD   British Pound / U.S. Dollar
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Last week this pair has respected and bounced from key area of support and resistance (yellow) - creating a new higher low. As well as completing 3 bounces from a key ascending trend line .

My thought on this pair is that it may be on its way to 1.30490, thinking beyond that my second target is th 1.33300 region to create a new higher high.

However, it's also important to consider other scenarios such as the price retracing to a key FIB level (38% or 50%). Then going back down to test or maybe even break the trend line .

Should the trend line be broken, my next target would be at the previous higher low at 1.25900.

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